BZH – Market expectations are for material Uniform ROA declines, but management is excited about their product offerings and confident about EBITDA and Nashville

• Beazer Homes USA, Inc. (BZH:USA) currently trades below recent averages relative to UAFRS-based (Uniform) earnings, with a 5.8x Uniform P/E, implying bearish expectations for the firm. However, management is excited about their product offerings and confident about EBITDA growth and their Nashville communities
  
  

• Specifically, management generated an excitement marker when saying that their gross margins improved by 10bps, driven by efforts to simplify their product offerings. In addition, they are confident that they are targeting double-digit ROA by growing their EBITDA faster than revenue and that they will start selling houses in Nashville soon